Question Help Chippewa Carpets reported the following amounts in its 2024 financial statements. The 2023 figures are given for comparison. EE(Click the icon to view the comparative financial information.) Read the requirements. Requirement 1. Calculate Chippewa's acid-test ratio for 2024. (Round to two decimals.) Determine whether Chippewa's acid-test ratio improved or deteriorated from 2023 to 2024. How does Chippewa's acid-test ratio compare with the industry average of 0.80? (Abbreviations used: Cash = Cash including cash equivalents; ST invest. = short-term investments. Round the acid test ratio to two decimals, X.XX.) Calculate the acid-test ratio for both years. Data Table X = Acid-test ratio 2024 2023 365 2024 2023 Accounts receivable Balance sheet-partial The acid-test ratio from 2023 to 2024. The com; Accounts receivable turnover ratio stry average of 0.80. Average net accounts receivable Current Assets: Requirement 2. Calculate Chippewa's accounts receivable tur Cash ppewa's ratio compare to the industry a Cash 2,000 8,000 p; Cash = Cash including cash equivalents; ST invest. = short-term inves (Cash + Net current receivables) os to two decimals, X.XX.) Short-term Investments 23,500 12,500 (Cash + ST invest.) AR turn Accounts Receivable $ 63,500 $ 76,500 (Cash + ST invest. + Net current receivables) (5,000) (4,000) 2024 58,500 72,500 Total current assets Less: Allowance for Bad Debts Total current liabilities Merchandise Inventory 191,000 187,000 The company's accounts receivable turnover ratio is Net credit sales 6,000 6,000 Prepaid Insurance Requirement 3. Calculate the days' sales in receivables for 2024. (Round to the nearest day.) How do the results compare with Chippewa's credit terms o 281,000 Round Total Current Assets 286,000 interim calculations to two decimals, X.XX, and the days in receivables to the nearest whole day.) Total Current Liabilities 107,000 109,000 = , Days' sales in AR Income statement-partial 2024 Net Sales (all on account) 759,800 728,000 Chippewa's days' sales in receivables calculation is the company's net 30-day credit period. Print Done ? Choose from any list or enter any number in the input fields and then continue to the next